Lampiran 1. Sampel Penelitian

Lampiran 1. Sampel Penelitian No Keterangan Jumlah Perusahaan 1 Total industri food and beverage yang 16 terdaftar di Bursa Efek Indonesia selama tahun 2007-2012 2 Tidak mempublikasikan data mengenai 3 harga saham perusahaan 3 Data outliers 1 4 Sampel penelitian yang memenuhi kriteria pengambilan sampel 12

Lampiran 2. Daftar Sampel Perusahaan No. Kode Nama Perusahaan 1 ADES PT Akasha Wira International Tbk. 2 AISA PT Tigapilar Sejahtera Food Tbk. 3 CEKA PT Cahaya Kalbar Tbk. 4 DLTA PT Delta Djakarta Tbk. 5 ICBP PT Indofood CBP Sukses Makmur Tbk. 6 INDF PT Indofood Sukses Makmur Tbk. 7 MLBI PT Multi Bintang Indonesia Tbk. 8 MYOR PT Mayora Indah Tbk. 9 PSDN PT Prashida Aneka Niaga Tbk. 10 SKLT PT Sekar Laut Tbk. 11 STTP PT Siantar Top Tbk. 12 ULTJ PT Ultrajaya Milk Industry and Trading Company Tbk.

Lampiran 3. Struktur Modal (LTDER) KODE 2007 2008 2009 2010 2011 2012 ADES 0.2281 0.3449 1.1794 1.3753 0.9138 0.3890 AISA 0.9261 0.6690 1.2779 1.4391 0.4614 0.3035 CEKA 0.2688 1.3408 0.6238 0.5073 0.1265 0.0406 DLTA 0.0608 0.0591 0.0517 0.0447 0.0473 0.0454 ICBP 0.1793 0.5369 0.9543 0.1455 0.1424 0.1825 INDF 0.8209 1.1967 1.3528 0.7485 0.2893 0.3544 MLBI 0.1882 0.1045 0.3415 0.0715 0.0578 0.0402 MYOR 0.3965 0.7040 0.5429 0.6621 0.9607 1.0790 PSDN 1.2433 1.0164 0.3819 0.1381 0.1676 0.0888 SKLT 0.3397 0.4102 0.3191 0.2703 0.2518 0.2428 STTP 0.1205 0.1151 0.0846 0.0704 0.2342 0.1705 ULTJ 0.3582 0.1393 0.0888 0.1756 0.1603 0.0903 Mean 0.4275 0.5531 0.5999 0.4707 0.3178 0.2523 Maximum 1.2433 1.3408 1.3528 1.4391 0.9607 1.0790 Minimum 0.0608 0.0591 0.0517 0.0447 0.0473 0.0402 Std Dev. 0.3686 0.4429 0.4779 0.4969 0.3100 0.2880

Lampiran 4. Struktur Aktiva (STAK) KODE 2007 2008 2009 2010 2011 2012 ADES 0.8021 0.6719 0.5835 0.3110 0.3246 0.2816 AISA 0.5345 0.5502 0.4037 0.3201 0.2601 0.3190 CEKA 0.2422 0.3071 0.3306 0.2319 0.2464 0.1974 DLTA 0.2249 0.1785 0.1569 0.1608 0.1410 0.1276 ICBP 0.3836 0.2133 0.2133 0.1725 0.1701 0.2163 INDF 0.2749 2.0571 0.2673 0.2483 0.2411 0.2659 MLBI 0.5835 0.4283 0.4236 0.4651 0.4482 0.4745 MYOR 0.4090 0.3526 0.3951 0.3386 0.3089 0.3442 PSDN 0.4123 0.4089 0.3314 0.2838 0.2846 0.4147 SKLT 0.4953 0.4557 0.5073 0.4865 0.4683 0.4073 STTP 0.5840 0.5188 0.5939 0.4914 0.6203 0.5211 ULTJ 0.5619 0.4403 0.4668 0.4694 0.4906 0.4046 Mean 0.4590 0.5486 0.3895 0.3316 0.3337 0.3312 Maximum 0.8021 2.0571 0.5939 0.4914 0.6203 0.5211 Minimum 0.2249 0.1785 0.1569 0.1608 0.1410 0.1276 Std Dev. 0.1686 0.4947 0.1374 0.1208 0.1435 0.1185

Lampiran 5. Kesempatan Pertumbuhan (GROWOP) KODE 2007 2008 2009 2010 2011 2012 ADES 1825000 25.5746 6400000 8100000 5050000 4750000 AISA 7.0643 1.8190 1.4049 2.2651 0.7902 1.5540 CEKA 1.0866 0.7975 1.4702 1.0599 0.6977 0.8346 DLTA 0.5065 0.5854 1.6821 3.3264 3.1164 6.8259 ICBP 12.8269 3.6319 1.2946 3.0562 2.8311 3.9402 INDF 3.3820 0.9608 3.0693 2.5502 1.2777 1.5044 MLBI 6.1274 3.0303 30.0597 12.2940 14.2647 24.3857 MYOR 1.2401 0.7019 2.1809 4.1384 4.5053 4.8976 PSDN 0.8792 1.8585 1.6991 0.5971 2.1640 0.7207 SKLT 0.4371 0.6173 0.9131 0.8174 0.7868 0.9602 STTP 1.3333 0.5226 0.7125 1.1274 1.8444 2.5762 ULTJ 2.2588 2.0353 0.9335 2.6927 2.3073 2.3775 Mean 152086.4285 3.5113 533337.1183 675002.8271 420836.2155 395837.5481 Maximum 1825000 25.5746 6400000 8100000 5050000 4750000 Minimum 0.4371 0.5226 0.7125 0.5971 0.6977 0.7207 Std Dev. 526831.1459 7.0223 1847519.6695 2338267.6999 1457808.5221 1371205.5620

Lampiran 6. Ukuran Perusahaan (SIZE) KODE 2007 2008 2009 2010 2011 2012 ADES 25.9093 25.9437 25.9067 26.5055 26.4792 26.6871 AISA 26.9686 27.6478 27.9289 28.2921 28.9093 28.9836 CEKA 27.1427 27.1294 27.0664 27.4691 27.4367 27.6583 DLTA 27.1074 27.2719 27.3571 27.2865 27.2689 27.3371 ICBP 29.0216 29.9540 29.9557 30.2234 30.3538 30.5076 INDF 31.0224 29.1701 31.3294 31.4870 31.6123 31.7140 MLBI 27.1559 27.5706 27.6245 27.7595 27.8305 28.0172 MYOR 28.2693 28.7036 28.8086 29.1124 29.5181 29.7476 PSDN 26.3991 26.3826 26.5915 26.7506 26.7668 27.2492 SKLT 25.9311 26.0266 26.0023 26.0185 26.0904 26.2437 STTP 26.9722 27.1638 27.0309 27.1991 27.5636 27.8540 ULTJ 27.9406 28.1853 28.1807 28.3275 28.4106 28.5151 Mean 27.4867 27.5958 27.8152 28.0359 28.1867 28.3762 Maximum 31.0224 29.9540 31.3294 31.4870 31.6123 31.7140 Minimum 25.9093 25.9437 25.9067 26.0185 26.0904 26.2437 Std Dev. 1.4356 1.2355 1.5930 1.5877 1.6521 1.6130

Lampiran 7. Profitabilitas (ROA) KODE 2007 2008 2009 2010 2011 2012 ADES -0.8662-0.0822 0.0915 0.0976 0.0818 0.2143 AISA 0.0306 0.0282 0.0281 0.0392 0.0418 0.0656 CEKA 0.0402 0.0460 0.0870 0.0348 0.1170 0.0568 DLTA 0.0799 0.1199 0.1664 0.2061 0.2179 0.2864 ICBP 0.0139 0.0332 0.1055 0.1275 0.1356 0.1288 INDF 0.0330 0.2220 0.0514 0.0625 0.0936 0.0821 MLBI 0.1357 0.2361 0.3427 0.3895 0.4156 0.2075 MYOR 0.0748 0.0671 0.1146 0.1100 0.0733 0.0895 PSDN -0.0296 0.0329 0.0918 0.0619 0.0566 0.0375 SKLT 0.0312 0.0214 0.0653 0.0242 0.0279 0.0319 STTP 0.0301 0.0077 0.0749 0.0657 0.0457 0.0597 ULTJ 0.0222 0.1745 0.0353 0.0534 0.0589 0.1460 Mean -0.0337 0.0756 0.1045 0.1060 0.1138 0.1172 Maximum 0.1357 0.2361 0.3427 0.3895 0.4156 0.2864 Minimum -0.8662-0.0822 0.0281 0.0242 0.0279 0.0319 Std Dev. 0.2653 0.0945 0.0838 0.1024 0.1083 0.0811

Lampiran 8. Metode Common Effect Dependent Variable: LTDER? Method: Pooled Least Squares Date: 01/23/14 Time: 17:33 Sample: 2007 2012 Included observations: 6 Cross-sections included: 12 Total pool (balanced) observations: 72 Variable Coefficient Std. Error t-statistic Prob. STAK? 0.211395 0.184542 1.145512 0.2560 GROWOP? 9.58E-08 3.14E-08 3.054303 0.0032 SIZE? 0.012392 0.003337 3.713978 0.0004 ROA? -0.284833 0.317104-0.898234 0.3722 R-squared 0.165035 Mean dependent var 0.436868 Adjusted R-squared 0.128198 S.D. dependent var 0.409830 S.E. of regression 0.382660 Akaike info criterion 0.970610 Sum squared resid 9.957124 Schwarz criterion 1.097092 Log likelihood -30.94197 Hannan-Quinn criter. 1.020963 Durbin-Watson stat 0.780182

Lampiran 9. Metode Fixed Effect Dependent Variable: LTDER? Method: Pooled Least Squares Date: 11/23/14 Time: 17:34 Sample: 2007 2012 Included observations: 6 Cross-sections included: 12 Total pool (balanced) observations: 72 Variable Coefficient Std. Error t-statistic Prob. C 5.572962 3.451010 1.614879 0.1120 STAK? 0.052213 0.249974 0.208875 0.8353 GROWOP? 1.57E-07 5.31E-08 2.962268 0.0045 SIZE? -0.186733 0.121077-1.542275 0.1286 ROA? -0.014420 0.359166-0.040149 0.9681 Fixed Effects (Cross) _ADES--C -0.647356 _AISA--C 0.504266 _CEKA--C 6.63E-05 _DLTA--C -0.434991 _ICBP--C 0.375751 _INDF--C 0.992088 _MLBI--C -0.294200 _MYOR--C 0.554049 _PSDN--C -0.101093 _SKLT--C -0.426574 _STTP--C -0.371393 _ULTJ--C -0.150613 Effects Specification Cross-section fixed (dummy variables) R-squared 0.575695 Mean dependent var 0.436868 Adjusted R-squared 0.462042 S.D. dependent var 0.409830

S.E. of regression 0.300592 Akaike info criterion 0.627006 Sum squared resid 5.059922 Schwarz criterion 1.132932 Log likelihood -6.572233 Hannan-Quinn criter. 0.828417 F-statistic 5.065365 Durbin-Watson stat 1.531999 Prob(F-statistic) 0.000004

Lampiran 10. Metode Random Effect Dependent Variable: LTDER? Method: Pooled EGLS (Cross-section random effects) Date: 11/23/14 Time: 17:35 Sample: 2007 2012 Included observations: 6 Cross-sections included: 12 Total pool (balanced) observations: 72 Swamy and Arora estimator of component variances Variable Coefficient Std. Error t-statistic Prob. C -1.216323 1.369824-0.887941 0.3777 STAK? 0.361661 0.177782 2.034291 0.0459 GROWOP? 1.36E-07 3.86E-08 3.519052 0.0008 SIZE? 0.052572 0.048012 1.094976 0.2774 ROA? -0.098045 0.304897-0.321570 0.7488 Random Effects (Cross) _ADES--C -0.155340 _AISA--C 0.339202 _CEKA--C 0.135442 _DLTA--C -0.158846 _ICBP--C -0.059418 _INDF--C 0.140637 _MLBI--C -0.186500 _MYOR--C 0.224333 _PSDN--C 0.148235 _SKLT--C -0.010955 _STTP--C -0.215597 _ULTJ--C -0.201193 Effects Specification S.D. Rho

Cross-section random 0.220703 0.3503 Idiosyncratic random 0.300592 0.6497 Weighted Statistics R-squared 0.174166 Adjusted R- squared 0.124863 S.E. of regression 0.309725 F-statistic 3.532537 Prob(F-statistic) 0.011236 Mean dependent var 0.212299 S.D. dependent var 0.331084 Sum squared resid 6.427293 Durbin-Watson stat 1.242211 Unweighted Statistics R-squared 0.197402 Mean dependent var 0.436868 Sum squared resid 9.571141 Durbin-Watson stat 0.834180

Lampiran 11. Uji Hausman Correlated Random Effects - Hausman Test Pool: POOLDATA Test cross-section random effects Chi-Sq. Statistic Chi-Sq. d.f. Prob. Test Summary Cross-section random 8.133194 4 0.0868 Cross-section random effects test comparisons: Variable Fixed Random Var(Diff.) Prob. STAK? 0.052213 0.361661 0.030881 0.0782 GROWOP? 0.000000 0.000000 0.000000 0.5558 SIZE? -0.186733 0.052572 0.012354 0.0313 ROA? -0.014420-0.098045 0.036038 0.6596 Cross-section random effects test equation: Dependent Variable: LTDER? Method: Panel Least Squares Date: 01/23/14 Time: 17:37 Sample: 2007 2012 Included observations: 6 Cross-sections included: 12 Total pool (balanced) observations: 72 Variable Coefficient Std. Error t-statistic Prob. C 5.572962 3.451010 1.614879 0.1120 STAK? 0.052213 0.249974 0.208875 0.8353 GROWOP? 1.57E-07 5.31E-08 2.962268 0.0045 SIZE? -0.186733 0.121077-1.542275 0.1286 ROA? -0.014420 0.359166-0.040149 0.9681 Effects Specification Cross-section fixed (dummy variables) R-squared 0.575695 Mean dependent var 0.436868 Adjusted R-squared 0.462042 S.D. dependent var 0.409830 S.E. of regression 0.300592 Akaike info criterion 0.627006 Sum squared resid 5.059922 Schwarz criterion 1.132932 Log likelihood -6.572233 Hannan-Quinn criter. 0.828417 F-statistic 5.065365 Durbin-Watson stat 1.531999 Prob(F-statistic) 0.000004